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Central bank: local bank deposits up 1.7 per cent in 10 months

Dirham-denominated deposits amounted to AED891.5bn in September, comprising 71.67 per cent of total

The central bank of the United Arab Emirates said dirham-denominated deposits registered an overall rise of 1.7 per cent during the first ten months of 2015 and a monthly growth of 0.7 per cent during October.

The total value of dirham-denominated deposits surged to AED 897.74 billion by the end of October 2015, comprising 71.72 per cent of the total value of deposits with country’s bank, which reached AED 1.251 trillion, Al Bayan reports.

According to statistics, banks’ dirham-denominated deposits amounted to AED891.5bn in September, comprising 71.67 per cent of the total value of deposits in the country, which amounted to AED 1. 243trn, after a decline in August to AED896.55bn, comprising 71.91 per cent of the total value of deposits, which amounted to AED 1.246trn.

In terms of the monthly changes on the dirham-denominated deposits during the current year, the value has risen from roughly AED882.29bn at the end of 2014, comprising 73.9 per cent of the total value, to roughly AED890.3bn in January 2015, comprising 73.84 per cent of the total, then jumped to about AED899.43bn at the end of February, accounting for 73.91 per cent of the total, reveal the central bank statistics.

And it continued the rise to AED901.02bn in March, comprising 72.93 per cent of the total value of deposits, then decreased at the end of April to roughly AED895.16bn, comprising 73.3 per cent, and jumped to AED910.61bn in May, up by 73.78 per cent of the total, then decreased again by 72.56 per cent at the end of June to roughly AED909.33bn and rebounded in July 2015.